May 12, 2015 -- Jeunesse Global is foreclosing on MonaVie Inc. after MonaVie defaulted on a $182 million note. MonaVie sold the note to TSG-MV Financing, LLC in November 2010 for $182 million, secured by the assets of the company. In March of this year, Jeunesse purchased the note from TSG, according to court documents. A press release from Jeunesse described the deal as an acquisition of MonaVie but did not disclose the purchase of the note.

MonaVie Chariman and CEO Mauricio Bellora told shareholders on Wednesday that MonaVie was in default on the note and the board of directors intended to agree to a "strict foreclosure", transfering virtually all of the company's assets to Jeunesse.

Bankers Trust of South Dakota, which is the trustee of MonaVie's employee stock ownership program (ESOP), asked the court for a temporary restraining order halting the foreclosure until it has the opportunity to review documents related to the deal. The ESOP is a major shareholder in MonaVie, and the foreclosure would make it worthless. On Monday, U.S. District Judge Bruce Jenkins granted the request. The temporary restraining order will remain in effect until May 29.